Company registration number SC400199 (Scotland)
Gather Content Limited
Financial Statements
For The Period Ended 30 June 2023
Pages For Filing With Registrar
Gather Content Limited
Contents
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 9
Gather Content Limited
Balance Sheet
As At 30 June 2023
Page 1
30 June 2023
31 December 2022
Notes
£
£
£
£
Fixed assets
Tangible assets
5
14,896
Current assets
Debtors
6
157,158
177,658
Cash at bank and in hand
2,622,758
1,843,094
2,779,916
2,020,752
Creditors: amounts falling due within one year
7
(1,086,018)
(944,365)
Net current assets
1,693,898
1,076,387
Total assets less current liabilities
1,693,898
1,091,283
Provisions for liabilities
(3,321)
Net assets
1,693,898
1,087,962
Capital and reserves
Called up share capital
9
129
129
Share premium account
95,223
95,223
Capital redemption reserve
11
11
Profit and loss reserves
1,598,535
992,599
Total equity
1,693,898
1,087,962
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 6 February 2024 and are signed on its behalf by:
Mr J Peiser
Director
Company registration number SC400199 (Scotland)
Gather Content Limited
Statement Of Changes In Equity
For The Period Ended 30 June 2023
Page 2
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 January 2022
123
84,589
11
549,584
634,307
Year ended 31 December 2022:
Profit and total comprehensive income
-
-
-
443,015
443,015
Issue of share capital
9
6
10,634
-
-
10,640
Balance at 31 December 2022
129
95,223
11
992,599
1,087,962
Period ended 30 June 2023:
Profit and total comprehensive income
-
-
-
605,936
605,936
Balance at 30 June 2023
129
95,223
11
1,598,535
1,693,898
Gather Content Limited
Notes To The Financial Statements
For The Period Ended 30 June 2023
Page 3
1
Accounting policies
Company information
Gather Content Limited is a private company limited by shares incorporated in Scotland. The registered office is Bishop's Court, 29 Albyn Place, Aberdeen, AB10 1YL.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
The company transferred the trade to fellow group company trueBynder Limited on 1 July 2023. The director plans to have the company removed from the register at Companies House in the near future. The financial statements have been prepared on the basis that it is a going concern as the director does not consider they would be materially different.
1.3
Reporting period
The company is reporting a current period of shorter than one year as the company transferred trade to Bynder Limited at 1 July 2023. The company previously reported to 31st December.
1.4
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Gather Content Limited
Notes To The Financial Statements (Continued)
For The Period Ended 30 June 2023
1
Accounting policies
(Continued)
Page 4
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Computers
33% on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Gather Content Limited
Notes To The Financial Statements (Continued)
For The Period Ended 30 June 2023
1
Accounting policies
(Continued)
Page 5
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Gather Content Limited
Notes To The Financial Statements (Continued)
For The Period Ended 30 June 2023
1
Accounting policies
(Continued)
Page 6
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.14
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Gather Content Limited
Notes To The Financial Statements (Continued)
For The Period Ended 30 June 2023
Page 7
3
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2023
2022
Number
Number
Total
1
15
4
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
173,883
48,616
Deferred tax
Origination and reversal of timing differences
(3,321)
295
Total tax charge
170,562
48,911
5
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2023
43,799
Disposals
(43,799)
At 30 June 2023
Depreciation and impairment
At 1 January 2023
28,903
Depreciation charged in the period
4,562
Eliminated in respect of disposals
(33,465)
At 30 June 2023
Carrying amount
At 30 June 2023
At 31 December 2022
14,896
Gather Content Limited
Notes To The Financial Statements (Continued)
For The Period Ended 30 June 2023
Page 8
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
115,442
141,003
Corporation tax recoverable
6,432
6,432
Amounts owed by group undertakings
15,483
Other debtors
19,801
30,223
157,158
177,658
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
12,727
Amounts owed to group undertakings
1,390
Corporation tax
222,365
48,616
Other taxation and social security
14,063
46,104
Other creditors
848,200
836,918
1,086,018
944,365
8
Share-based payment transactions
The company has a share option scheme for employees. Under the scheme, the company may grant HMRC approved EMI share options to acquire Ordinary shares in Gather Content Limited.
Only options which are vested (or deemed to be vested), all in accordance with this Option Agreement, may be exercised on an exit event, or as otherwise determined by the Board, in accordance with the terms of this Option Agreement.
Number of share options
Weighted average exercise price
2023
2022
2023
2022
Number
Number
£
£
Outstanding at 1 January 2023
627
17.21
Forfeited
(4)
-
19.10
Exercised
(623)
17.08
Outstanding at 30 June 2023
Exercisable at 30 June 2023
Gather Content Limited
Notes To The Financial Statements (Continued)
For The Period Ended 30 June 2023
Page 9
9
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A of 1p each
10,623
10,623
106
106
Ordinary B of 1p each
2,307
2,307
23
23
12,930
12,930
129
129
10
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
We draw attention to note 1.2 of the financial statements, which describes the basis on which these financial statements have been prepared. Our opinion is not modified in this respect.
Senior Statutory Auditor:
Mr Athos Louca FCCA, ICPAC
Statutory Auditor:
Loucas
Date of audit report:
6 February 2024
11
Events after the reporting date
The company ceased to trade on 1 July 2023 and has transferred the trade to fellow group company Bynder Limited.
12
Parent company
The immediate parent company is Bynder Holding B.V, a company based in the Netherlands.
Bynder Holding B.V. is the parent of the smallest group into which the company's results are consolidated, its registered office Max Euweplein 46, 1017 MB, Amsterdam, Netherlands.
2023-06-302023-01-01false06 February 2024CCH SoftwareCCH Accounts Production 2023.300No description of principal activityThis audit opinion is unqualifiedMr Johannes AchterbergMr James PeiserfalseSC4001992023-01-012023-06-30SC4001992023-06-30SC4001992022-12-31SC400199core:OtherPropertyPlantEquipment2023-06-30SC400199core:OtherPropertyPlantEquipment2022-12-31SC400199core:CurrentFinancialInstrumentscore:WithinOneYear2023-06-30SC400199core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-31SC400199core:CurrentFinancialInstruments2023-06-30SC400199core:CurrentFinancialInstruments2022-12-31SC400199core:ShareCapital2023-06-30SC400199core:ShareCapital2022-12-31SC400199core:SharePremium2023-06-30SC400199core:SharePremium2022-12-31SC400199core:CapitalRedemptionReserve2023-06-30SC400199core:CapitalRedemptionReserve2022-12-31SC400199core:RetainedEarningsAccumulatedLosses2023-06-30SC400199core:RetainedEarningsAccumulatedLosses2022-12-31SC400199core:ShareCapital2021-12-31SC400199core:SharePremium2021-12-31SC400199core:CapitalRedemptionReserve2021-12-31SC400199core:RetainedEarningsAccumulatedLosses2021-12-31SC400199core:ShareCapitalOrdinaryShares2023-06-30SC400199core:ShareCapitalOrdinaryShares2022-12-31SC400199bus:Director22023-01-012023-06-30SC400199core:RetainedEarningsAccumulatedLosses2022-01-012022-12-31SC4001992022-01-012022-12-31SC400199core:RetainedEarningsAccumulatedLosses2023-01-012023-06-30SC400199core:ShareCapital2022-01-012022-12-31SC400199core:SharePremium2022-01-012022-12-31SC400199core:ComputerEquipment2023-01-012023-06-30SC400199core:UKTax2023-01-012023-06-30SC400199core:UKTax2022-01-012022-12-31SC400199core:OtherPropertyPlantEquipment2022-12-31SC400199core:OtherPropertyPlantEquipment2023-01-012023-06-30SC400199core:WithinOneYear2023-06-30SC400199core:WithinOneYear2022-12-31SC4001992022-12-31SC4001992021-12-31SC400199bus:PrivateLimitedCompanyLtd2023-01-012023-06-30SC400199bus:SmallCompaniesRegimeForAccounts2023-01-012023-06-30SC400199bus:FRS1022023-01-012023-06-30SC400199bus:Audited2023-01-012023-06-30SC400199bus:Director12023-01-012023-06-30SC400199bus:FullAccounts2023-01-012023-06-30xbrli:purexbrli:sharesiso4217:GBP